Apollo Tyres gained on Tuesday after the Reserve Bank of India (RBI) allowed foreign institutional investors to buy up to 45% of the paid up capital in the company under the Portfolio Investment Scheme.

Earlier, the company has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit from 40% to 45% for the purchase of its equity shares and convertible debentures by FIIs.

Shares of the company gained Rs 11.9, or 6.04%, to trade at Rs 208.90. The total volume of shares traded was 1,315,607 at the BSE (3.11 p.m., Tuesday).

The scrip has touched an intra-day high of Rs 213 and low of Rs 197. The total volume of shares traded at the BSE is 1,315,607.